CQN-VÄRDE-PARTNERS

CORRECTING and REPLACING The Dedica Anthology Completes Its Planned Refinancing

The first sentence of the release should read: Milan-based hotel group
The Dedica Anthology is pleased to announce that it successfully
completed its planned €337 million refinancing. (instead of Milan-based
hotel group The Dedica Anthology is pleased to announce that today it
successfully completed its planned €337 million refinancing).

The corrected release reads:

THE DEDICA ANTHOLOGY COMPLETES ITS PLANNED REFINANCING

Milan-based hotel group The Dedica Anthology is pleased to announce that
it successfully completed its planned €337 million refinancing.

Stephen Alden, CEO of The Dedica Anthology,
commented: “We are
delighted to have completed this complex refinancing. Our own team, the
board, our advisors and the lending group have worked hard in
collaboration to achieve this excellent result. Our focus is now fully
on building The Dedica Anthology brand, carrying out strategic
renovation and restoration work on our distinctive properties,
strengthening our team and growing our business.”

Alessandro Grassivaro, CFO of The Dedica Anthology,
added,
“Dedica now has a firm financial foundation from which to invest in our
real estate and build a successful brand for the future, both as owner
as well as operator.”

Francisco Milone, Partner and Head of European Real Estate at Värde
Partners
, commented, “Since completing the purchase of Gruppo
Boscolo in April 2017 we have put in place a new management team and
rebranded the hotels to The Dedica Anthology throughout Italy, France,
Hungary and the Czech Republic. Now with that strong management in
place, a restructured balance sheet and a supportive and expert lender
in Blackstone, the company is well-positioned for growth.”

Michael Zerda, Managing Director and Head of Europe for Blackstone
Real Estate Debt Strategies,
commented: “We are thrilled to have
Värde as a valued new client and we’re excited to be a part of their
repositioning of this iconic portfolio of hotels. We regularly provide
speed and certainty for owners of large and complex multi-jurisdictional
portfolios across the globe, and are proud to expand our whole loan
lending business into Southern Europe in such a meaningful way.”

Chris Gow, Head of Debt Advisory, EMEA, in JLL's Hotels & Hospitality
Group
which advised Värde Partners, described the deal as a
landmark. “The Dedica Anthology now has a supportive, long-term lender,
as it invests in its portfolio to unlock significant revenue and value
growth for the business.”

About The Dedica Anthology

Launched in 2018, The Dedica Anthology is a new brand in luxury
hôtellerie based on a portfolio of distinctive hotels in Italy and
across Europe. 'Dedica' refers to a dedication to the art of curated
hotel-keeping, while 'Anthology' describes the collection of unique
stories represented by the hotels and their guests. The Dedica Anthology
creates inspiring spaces and engaging rituals in rhythm with its
international guests' contemporary lives, pioneering a new vision of
curated, contemporary hôtellerie.

About Värde Partners

Värde Partners is a $14 billion global alternative investment firm that
employs a value-based approach to investing across a broad array of
geographies, segments and asset types, including corporate and traded
credit, real estate, mortgages, specialty finance, real assets and
infrastructure. The firm sponsors and manages a family of private
investment funds with a global investor base that includes foundations
and endowments, pension plans, insurance companies, other institutional
investors and private clients. Now in its third decade, Värde employs
more than 300 people globally with regional headquarters in Minneapolis,
London and Singapore.

About Blackstone

Blackstone is one of the world's leading investment firms. We seek to
create positive economic impact and long-term value for our investors,
the companies we invest in, and the communities in which we work. We do
this by using extraordinary people and flexible capital to help
companies solve problems. Our asset management businesses, with $457
billion in assets under management, include investment vehicles focused
on private equity, real estate, public debt and equity, non-investment
grade credit, real assets and secondary funds, all on a global basis.
Further information is available at www.blackstone.com
.
Follow Blackstone on Twitter @Blackstone
.